Silver Price Analysis: XAG/USD bulls stay hopeful below $23.00
- Silver remains on the recovery mode, reversing late Friday’s pullback.
- Sustained break of 100-SMA, firmer RSI favor bulls.
- Three-week-old horizontal area, 200-SMA become strong resistances to watch.
Silver (XAG/USD) begins the trading week with an uptick to near $22.70. The bright metal poked the highest levels since mid-September the previous day before easing from $23.20.
Even so, the quote’s ability to stay beyond the 100-SMA amid firmer RSI conditions helps the commodity buyers to stay hopeful.
However, a short-term horizontal area precedes the 200-SMA, respectively around $23.15-25, to challenge the XAG/USD bulls before giving them controls.
Following that, $24.00 and $24.30 may probe the upside momentum prior to highlighting the last month’s peak near $24.85.
Meanwhile, pullback moves remain less destructive until silver prices remain beyond the 100-SMA level of $22.47.
Also acting as the downside filter is the previous resistance line from September 07, near $21.80 by the press time.
Silver: Four-hour chart
Trend: Further recovery expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
